RBA Monetary Policy

The RBA left cash rates unchanged yesterday. The language seemed to imply to me that there is still a little way to go, particularly internationally, before they can be confident enough to lift rates. The market also seems to have this impression as some of the wholesale rate rises of the last few days have been unwound with rates a little lower this morning.

Full text of the statement is at the below link and worth a quick look. It's very short.

http://www.rba.gov.au/MediaReleases/2009/mr-09-19.html